Reliance in Talks to Raise Up to $8 Billion for Boots, Mint Says

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(Bloomberg) — Reliance Industries Ltd. is in talks with several global banks to raise as much as $8 billion for its planned leveraged buyout of Walgreens Boots Alliance’s international arm, according to a report from Mint on Sunday.

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The report, which cited two people familiar with the discussions, said that Reliance is in talks with Barclays Bank Plc, Deutsche Bank AG, HSBC and Standard Chartered Bank to buy the Boots drugstore chain.

A consortium of Apollo Global Management Inc. and Reliance made a binding offer for Boots earlier this month that valued Boots at more than $6.1 billion, Bloomberg News previously reported.

Reliance declined to comment to Mint, which said it didn’t receive responses to queries emailed to the lenders.

The Walgreens Boots Alliance board is likely to meet in the next few days to discuss the potential deal with the consortium, and following that, the Reliance board will meet to approve the proposed takeover, one of the two people told Mint.

Walgreens had been seeking a valuation of about £7 billion ($8.6 billion) for Boots, Bloomberg News reported earlier. The business runs a network of more than 2,200 stores across the UK, as well as private-label brands like No7 Beauty Co. and operations in a smattering of other countries.

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